How to start: Daytrading?

[Baby Dragon]

Cut losses early. Don't let losses grow and don't blindly hold positions. If you're actively using TA, close your trade out once whatever principles you entered the trade on have been invalidated. It's very easy to become emotionally attached to losing positions, but that's something you want to avoid. Only let your winning trades run.

Totally agree with. Not feeling well with your day trading? Cut if off as early as you could so that it would not get more severe. And before this I bet you already knew these things. First thing is that KNOWLEDGE do not go around messing with your trading stuff if you do not know the basics, and plus keep on the track by reading latest news. Second set funds that you are willing to lose. So that you'll never be off control with your money. Third keep it small, and as you feel confident enough with your trading skills then go big.

Its true that knowledge is the best asset that you can use in trading because if you have enough understanding then it will be easy for you to make the right decisions and if you have ever encounter a problem then you can easily find a way to resolve it. Also, it serve as guide to you that's why it was needed particularly when you are still new into these kind of things not only for them but everyone because we should never stop learning. It is also accurate that when it comes to funds, just set what you aren't afraid to lose because you don't want yourself to feel remorse because of it that's why be careful on making decisions.

[alan2here]

Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

I think using a demo account to make a trade is a good idea because they will have more new experience when investing in this market and can decide to make a real investment if they feel okay. This market has plenty of opportunities to make money for everyone, so it takes discipline before deciding to invest. In fact, new traders will often easily panic sell if the market starts to fall and there will be many wrong decisions that can directly affect their profits.

During this time, I had very few trade and only chose long-term investment because this is the safest way to make money in the bear market but it still has its own risks if I can't control my psychology.

[danherbias07]

First thing you should do is to look after yourself. No one will do it for you.
No one will care if you have the right or wrong choices.
Do not regret what you did.
Doubts may also be a wall to your choices. If you have a decision then just do it.

Daily profits is essential. If you cannot see any profits and the price keeps going down then stop it already before it goes to the wrong path.

[AliMan]

Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

Having demo account is a basic way of starting trading step by step so we can achieve a substantial knowledge, even though not yet effective but at least it's gainig good results. However this process would take a lot of time, and every trader should develop courage, determinations and will in order to become successful in the long run. Having awareness in very important for trading, regardless it it's daily or long term.

[rodel caling]

If you want to start day trading makes sure you have a lot of time to focus to avoid risk and loses and also makes sure you are strong in times of troubles to face how to recover the loses.

Some tips from my experience:
 
 - When you start a trade, always have a plan and stick to it
 - Make sure you always have a stop loss in place, it will save you a lot of sleep and stress  
 - If you're starting out with no prior experience you can try trading without actually buying/selling to try it out, just write down what you would do and see what your profit or loss would have been
 - Don't use too much leverage, otherwise you may as well go gambling
 - Learn some basics of TA, don't just trade on intuition
 - Know that these markets are heavily manipulated, try not to fall for the traps

This a great advise and do not greedy earn small percentages daily profits is enough to avoid trap.


 

[SvonioneFromMangoCoinz]

Top 3 things to look after?
Are tools recommended?
Thank you!

tools are also a necessary tool but to start trading, you should not use tools. You should buy books about reading more and experience with the first 100 transactions in your life.
for me, the important signals are Elliott wave, 2 top 2 low. And more importantly, you need to learn and master the use of EMA, MACD, RSI, FIBO. It is very important knowledge to identify the trend of coins in the short future.

[Apened]

Top 3 things to look after?
Are tools recommended?
Thank you!

First you have to learn to read charts and analyze what is the possible movement within that particular day.
Second is to understand how the market works in the daily and
Third is to plan your trade with a proper understanding and using your own risk management in trading because Fay trading isn't easy in a way that if you don't know what to look for and fin the gokd coin for you to have an entry and exit with profit in that day.

[huige007]

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

[DeadCoin]

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

Yes, one should have knowledge on setting up the bots to trade. For this, one should have his own experience in manual trading. Basics are, finding out the right coins and pairs that would bring profits. Analyze the coin's background, its product, its team's strength and watch its growth via the channel they have provided. Then when you are sure about few coins to be in your portfolio and have confident on the coin's growth, then yes, go for setting up bots for the coins you have chosen.

[Colt81]

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

In my own opinion, using bots in trading is only a guide for newbies or beginners for them to enhance their skills in trading, but using bots is really not a good tool for trading because it is not that effective for you to make a successful trade, that is why manual trading is still an effective to make sure that you follow your strategies. You should also be doing some research like watching videos in YouTube and asking guidance to a professional trader for you to know  other things that you could used in your trade. Lastly, you should also know how to control your emotions in trading for you to have patience and to panic when you are experience a downfall in a market.

[teosanru]

Top 3 things to look after?
Are tools recommended?
Thank you!

Study study study. Learn what is trading. Basics of technical analysis. Learn price action study and learn market phases and patterns. Also try to learn some indicators. But the thing is that this isn't enough. After this you will have to develop your own system by using all what you have learnt. Back test and forward test your system for sometime with low capital. Have patience and ensure that you maintain a trade journal. After persistent efforts you can definitely start to earn a good money

[Oilacris]

Top 3 things to look after?
Are tools recommended?
Thank you!

Technical/Fundamental analysis
Emotion handling
Risk/Fund management handling.
&
Some mix of Luck

Things that is commonly needed for you to learn and control excluding luck.

[Bitcoin Seller]

Top 3 things to look after?
Are tools recommended?
Thank you!

You should answer these questions yourself:
- Am I ready to trade CONSTANTLY? (literally, if you want to start day trading)?
- Am I ready psychologically to lose times a day, not only make money daily?
- Do I have enough income sources to cover these losses if they happen?
- Do I have enough information about this business?

[Bezobraznike]

Top 3 things to look after?
Are tools recommended?
Thank you!

You should answer these questions yourself:
- Am I ready to trade CONSTANTLY? (literally, if you want to start day trading)?
- Am I ready psychologically to lose times a day, not only make money daily?
- Do I have enough income sources to cover these losses if they happen?
- Do I have enough information about this business?

   It's easy to start with day-trading. Opening account on some exchange, there
are many exchanges, and depositing funds are two things to do and a person is
ready for day-trading.
   Hard part is making profit. Person that decides to start day-trading should be
prepared for days without profit, and eventual loss of funds. People should trade just
with money they can afford to lose, covering loses and borrowing money for day-trading
is not a good idea.
    Bitcoin Seller you have good questions here, who wish to try trading should have
a ready answers on them. If someone doesn't have answers on them shouldn't even try
with day-trading.

[drachman]

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

[Distinctin]

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

It so happens that the eagerness and such temptation tried to control over his mind and put everything at risk. Realizing how is it importance to have knowledge and trading experience is quite a best thing to do than being of nothing. I believe months of exposure and studying the market is quite enough to learn something and we can just fully understand it once we are in actual scenario. 

[tambok]

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

It is actually the most challenging, as day trading is like you are doing a full time job, you need to analyze the job first, before you will find the solution, you need to consider and focus on a lot of things, sometimes if the market is not good, you will spend more time, just like you are rendering overtime, most of the time you have lack of sleep, so these are the things to consider and make sure you are ready for this.

[rmhuntley]

3 Tips start DayTrading Cryptocurrency :

1. Take time to analyse fundamental aspects of cryptocurrency
2. Pay attention to the history of coin prices, buy cheap and sell expensive. One way in trading is that you do the price scanning of some of your cryptocurrency coins such a fundamental aspect.
3. Cryptocurrency Technical Analysis
Anyone can trade Bitcoin or other cryptocurrency and get profit when the market is bullish, and can also lose when the market is bearish.

Source

[acdc]

Always plan ahead, cut losses if losses exceed 3% and never let your emotions overwhelm.
Besides these 3 things, there are many things that a trader needs to know every day, such as always learning and improving knowledge, listening to the opinions of others but always being himself in the decisions.
Divide the capital into small parts and invest in many different currencies.
Trading on large and high volume exchanges is easier than trading on low volume exchanges.

[maydna]

Don't greedy to chase your profit. Otherwise, you will miss the right time to buy and sell. You need to have skills to analyze the coin because, in day trading, it is not easy to choose the coin as many coins will tempt you to select. You should know when you must get out of the market, especially if there is no sign to keep staying at the market.

Tools only help you to analyze better, but you should have the basics skills in analyzing. Last but not least, only use the money you can afford and don't risking all of your money.